Granada Gold Mine Inc.  is pleased to announce the filing on SEDAR of a technical report for its Granada Gold Project. The report, dated March 15, 2021 is entitled "Technical Report on the Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada ." The report can also be found on the Company's website at and provides an updated High-Grade Mineral Resource Estimate of the Granada Gold ...

 Granada Gold Mine Inc. (TSXV: GGM) (the "Company" or "Granada") is pleased to announce the filing on SEDAR ( www.sedar.com ) of a technical report for its Granada Gold Project. The report, dated March 15, 2021 is entitled "Technical Report on the Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada ." The report can also be found on the Company's website at www.granadagoldmine.com and provides an updated High-Grade Mineral Resource Estimate of the Granada Gold Deposit using narrow, rich, vein modelling and both open pit and underground resources and revised pit optimization parameters which are based on the possibility of off-site custom milling ore rather than constructing and using an on-site mill.

The report was prepared in accordance with the regulations laid out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI-43-101") by Yann Camus P.Eng . and Maxime Dupéré, géo., of SGS Canada Inc., who are independent "Qualified Persons" as defined by NI 43-101. The report supports, and provides greater detail about, the technical basis and scientific rationale of the updated resource estimate initially announced in a Company press release on January 29, 2021 . The updated MRE focused on using a scenario with higher cut-off grades than that used in the 2019 MRE. Gold price used is 1600 US$ /oz.

The report concludes

There is an opportunity on the Project to extend known mineralization at depth and along strike on the Property.

The Authors consider that the Granada deposit contains a significant open pit and underground Mineral Resource that is associated with a well-defined gold mineralized trend and model. The current Mineral Resource Estimate Update has shown that the Deposit can likely be mined by conventional open pit and underground mining methods with a scenario of off-site custom milling rather than constructing and using an on-site mill. Deeper drilling recently completed also demonstrates that the Property has the potential for a significant underground resource.

The Authors consider the Property to have significant potential for delineation of additional Mineral Resources and that further exploration is warranted. Granada Gold's intentions are to continue to drill the Deposit in 2021 and plan to direct their exploration efforts towards resource growth, with a focus on extending the limits of known mineralization along strike and at depth, as well as infill drill the existing deposit in order to convert portions of Inferred mineral resources into Indicated or Measured.

Given the prospective nature of the Property, it is the Author's opinion that the Property merits further exploration and that a proposed plan for further work is justified. A proposed work program by SGS will help advance the Deposit towards a pre-development stage and will provide key inputs required to evaluate the economic viability of a mining project (open pit and underground) at a pre-feasibility study level.

SGS is recommending Granada Gold conduct further exploration, subject to funding and any other matters which may cause the proposed exploration program to be altered in the normal course of its business activities or alterations which may affect the program as a result of exploration activities themselves. For 2021, a total of 45,000 m of drilling is proposed to continue to focus on expanding and extending mineral resources, upgrading existing Inferred resources as well as exploring the Deposit at depth.

The total cost of the recommended work program is estimated at C$10,775,000 (Table 1).

Table 1   Recommended 2021 Work Program for the Granada Deposit

Item

Cost in CAD$

Resource Expansion Drilling and Resource Classification
improvement 2021 (Open Pit;

$2,250,000

Resource Identification Drilling (Underground; > 500 m depth)
drilling 20,000 to 30,000 m

$6,000,000

Assays/Geochemistry

$1,400,000

Additional Metallurgical Testing

$250,000

Continued geotechnical studies for improved pit optimization
parameters

$150,000

Environmental Baseline Studies

$150,000

Updated Resource Estimate

$75,000

Pre-feasibility Study and Related Studies

$500,000

Total:

$10,775,000

Qualified person

The technical information in this news release has been prepared by Yann Camus , P.Eng., independent qualified person of SGS and was reviewed by Claude Duplessis , P.Eng., GoldMinds Geoservices Inc. member of Québec Order of Engineers and a qualified person in accordance with National Instrument 43-101 standards.

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec . Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east-west over a potential 5.5 kilometers of mineralized structure. The highly prolific Cadillac Break, the source of more than 75 million plus ounces of gold production in the past century, cuts through the north part of the Granada property, but is not necessarily indicative of mineralization hosted on the company's property.

The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.

Updated Mineral Resource

The updated resource at the Company's Granada Gold project in Rouyn-Noranda, Quebec was estimated by SGS Canada and outlined in a January 29, 2021 news release.

Updated Mineral Resource Estimate Base Case with Details Between the Open Pit Portion and the Underground Portion

Type

Category

Tonnes

Au (g/t)

Gold Ounces

In Pit

Measured 1

3,756,000

1.89

228,000

Indicated

1,357,000

2.55

111,000

Measured+Indicated

5,113,000

2.06

339,000

Inferred

34,000

11.29

12,000

Underground

Measured

37,000

4.22

5,000

Indicated

807,000

4.02

104,000

Measured+Indicated

844,000

4.03

109,000

Inferred

1,244,000

6.33

253,000

1.

Cut-off grades are based on a gold price of US$1,600 per ounce, a foreign exchange rate of US$0.76 for CA$1, a gold recovery of 93%

2.

Pit constrained mineral resources are reported at a cut-off grade of 0.9 g/t Au within a conceptual pit shell

3.

Underground mineral resources are reported at a cut-off grade of 3.0 g/t Au within reasonably mineable volumes

The Company is in possession of all mining permits required to commence the initial mining phase, known as the "Rolling Start", which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com .

"Frank J. Basa"

Frank J. Basa P. Eng .
President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE Granada Gold Mine Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/March2021/16/c5369.html

News Provided by Canada Newswire via QuoteMedia

White Gold Corp. Announces Fully Subscribed C$9 Million Private Placement; Strategic Shareholder to Increase Interest to 19.9%

White Gold Corp. Announces Fully Subscribed C$9 Million Private Placement; Strategic Shareholder to Increase Interest to 19.9%

White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the " Company " or " White Gold ") is pleased to announce a non-brokered private placement of flow-through common shares at a price of $0.98 per share (each a "Tranche 1 Flow-Through Share "), flow-through common shares at a price of $0.80 per share (each a " Tranche 2 Flow-Through Share ") and common shares in the capital of the Company at a price of $0.70 per common share (each a " Common Share ") for total gross proceeds of approximately $9,000,000.

Pursuant to an investor rights agreement between the Company and Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) (" Agnico ") dated December 13, 2016, Agnico has indicated that it intends to increase interest in the Company to 19.9% on a post-offering basis.

Keep reading... Show less

B2Gold Declares Fourth Quarter 2021 Dividend of $0.04 per Share

 B2Gold Corp. (TSX: BTO) (NYSE: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce that its Board of Directors (the "Board") has declared a cash dividend for the fourth quarter of 2021 of $0 .04 per common share (or an expected $0.16 per share on an annualized basis), payable on December 17, 2021, to shareholders of record as of December 8, 2021. All dollar figures are in United States Dollars unless otherwise indicated.

As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly dividends at the same level. This dividend is designated as an "eligible dividend" for the purposes of the Income Tax Act ( Canada ). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

Keep reading... Show less
GREEN BATTERY MINERALS Closes $2,316,000 Non-Brokered Private Placement

GREEN BATTERY MINERALS Closes $2,316,000 Non-Brokered Private Placement

(TheNewswire)

Green Battery Minerals Inc.

Green Battery Minerals Inc. ("Green Battery" or the "Company") (TSXV:GEM ) ( FSE:BK2P ) ( WKN:A2QENP ) ( OTC:GBMIF) is pleased to announce that it has completed its previously announced non-brokered private placement (the " Offering "), as described in its News Releases of November 9, 2021, November 16, 2021 and November 23, 2021, pursuant to which it has issued an aggregate of 15,444,001 flow-through units (each, a " FL Unit ") at a price of $0.15 per FL Unit, for gross proceeds of $2,316,600 . Each FL Unit will consist of one common share in the capital of the Company that is issued on a flow-through basis in accordance with the Income Tax Act (Canada) (each, a " FL Share ") and one half of one share purchase warrant (each whole warrant, a " Warrant "), with each Warrant entitling the holder thereof to purchase one (non-flow-through) common share in the capital of the Company (each, a " Warrant Share ") at a price of $0.20 per Warrant Share for a period of twenty four months following issuance

Keep reading... Show less
Equity Metals Extends Closing of Private Placement

Equity Metals Extends Closing of Private Placement

Equity Metals Corporation (TSXV: EQTY) (the "Company" or "Equity Metals") reported today that it will, subject to TSX Venture Exchange approval, extend the closing date of its previously announced private placement by 30 days from the date of this news release.

The Company has closed a first tranche of the $6,000,000 non-brokered private placement by issuing 2,800,000 non-flow-through units ("NFT Units") at a price of $0.14 per NFT Unit for gross proceeds of $392,000 and by issuing 7,903,667 flow-through units ("FT Units") at a price of $0.15 per FT Unit for gross proceeds of $1,185,549.95. Each NFT Unit will be comprised of one non-flow-through common share and one-half (0.5) of one warrant. Each FT Unit will be comprised of one flow-through common share and one-half (0.5) of one non-flow through warrant. The warrants for all units will be the same with each whole warrant entitling the holder thereof to purchase one non-flow-through common share for a period of 2 years at a price of $0.20.

Keep reading... Show less
GoldSpot Discoveries Engaged by Red Pine Exploration Inc. to Expand Resource at Wawa Gold Project

GoldSpot Discoveries Engaged by Red Pine Exploration Inc. to Expand Resource at Wawa Gold Project

GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) ("GoldSpot" or the "Company"), a leading technology services company leveraging machine learning to transform the mineral discovery process, is pleased to announce it has been engaged by Red Pine Exploration Inc. (TSXV: RPX) ("Red Pine"), to apply its proprietary machine learning technology and geoscience expertise on its Wawa Gold project, consisting of a claim package of 6,986 hectares and a NI 43-101 compliant resource estimate.

GoldSpot works with leading exploration and mining clients across all commodities and deposit types, using cutting-edge technology and geoscientific expertise to mitigate exploration risks and significantly increase the efficiency and success rate of mineral exploration across resources. Recent successes by GoldSpot with both leading producers and explorer/developers have demonstrated the potential to expand resources and make new discoveries using this advanced analytical technology.

Keep reading... Show less
Puma Exploration Updates on Copper Transaction With Melius Metals

Puma Exploration Updates on Copper Transaction With Melius Metals

Puma Exploration Inc., PUMA-TSXV, (the "Company" or "Puma") is pleased to report progress on the transaction with Melius Metals Corp. ("Melius"). As was stated in the press release of July 6, 2021, the main objective of the transaction is to unlock value from its copper property portfolio through Melius' option to acquire all Puma's copper exploration and development projects.

TRANSACTION SUMMARY
Puma granted to Melius the option to acquire 100% in its Copper Projects in consideration of $3.5M payable by the issuance of an initial 12M Melius shares of which up-to 6M will be distributed to Puma's shareholders in Q1-2022 . The remaining $2.3M is payable in cash or in Melius shares over a period of 3 years. Puma's commitments for the Chester Property was also assumed by Melius ( see PR 2021-07-06 ). As of November 24 th ,2021, the Chester option has been executed and the mining claims have been transferred to Puma.

Keep reading... Show less

Top News

Related News